You’re Free to Invest – Dangote Tells Critics Accusing Him of Monopoly

Aliko Dangote, the billionaire businessman, has cautioned his detractors that their allegations of monopoly in the petroleum industry could prevent local investment in the country’s economy.

Dangote expressed his worries during the House of Representatives Committee on Petroleum Resources’ (Downstream) inaugural annual downstream petroleum week in Abuja on Monday.

Aliyu Suleiman, the Group Chief Strategy Officer of Dangote Industries Limited, spoke on behalf of the Kano-born entrepreneur, who advocated for policies that promote competition, innovation, and productivity in key economic areas.

Regarding the problem of monopolies in crude oil refinery, Dangote stated, “Too many people with the means to build industries chose to invest abroad instead.” Our economy gained little from our remote decision. We have made a different decision. We have decided to travel to Nigeria. We have decided to construct, hire, and produce here. Let us refrain from halting growth with the scream of monopoly. It doesn’t stop anyone from investing.

“We encourage people to construct their own refineries and will provide assistance where we can.

Nigeria has a natural edge over other countries when it comes to refining. We have easy access to gas and oil. Thus, we should collaborate to advance this industry.

Laws that will support the growth of this industry should be enacted and put into effect. Protecting our businesses and bringing about the economic change this nation deserves are priorities.

He asserts that the Dangote Refinery can supply high-quality motor spirit, diesel, and jet fuel to the country while also having extra for export.

Nigerians would have the chance to become shareholders when the refinery is listed on the stock exchange, he continued.

He claimed that in comparison to the amount of crude produced and consumed on the continent, Africa’s refining industry is still in its infancy.